Economy - Abia ThinkTank News

Feb

2026

External Reserves Jump To $48.37bn, Gain $2.47bn In 1 Month

External Reserves Jump To $48.37bn, Gain $2.47bn In 1 Month Nigeria’s external buffers strengthened further in February 2026 as its foreign reserves climbed sharply to $48.37 billion, highlighting sustained inflows and improved liquidity conditions in the economy. Latest data from the Central Bank of Nigeria (CBN) show that gross external reserves rose from $45.90 billion recorded on January 13, 2026 to $48.37 billion as of February 16, 2026. This represents a $2.47 billion increase within one month, translating to a 5.4 per cent rise over the period. The accretion extends a recovery cycle that began in the second half of…

Feb

2026

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By Abia ThinkTank

People Attacking Tinubu’s New Tax Policy Lack Understanding- Governor Otti

Columns/Opinions/Letters, Economy, Politics, Presidency

People Attacking Tinubu’s New Tax Policy Lack Understanding – Gov Otti Abia State Governor, Alex Otti, has defended President Bola Tinubu’s new tax reform laws, saying critics of the policy do not fully understand its provisions. Otti threw his weight behind the reforms, revealing that several elements of the new tax framework reflect arguments he made nearly a decade ago regarding Nigeria’s fiscal direction. “Almost 10 years ago, I wrote about the fiscal side of things. When I read the new tax reform law, I saw many of those arguments reflected in it. I thank Prof. Oyedele. When people att+ck…

Feb

2026

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By Abia ThinkTank

Diplomacy As Development: How International Partnerships Are Powering Abia’s Economic Reset – By Prof Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance

Diplomacy as Development: How International Partnerships Are Powering Abia’s Economic Reset By AProf. Chukwuemeka Ifegwu Eke In an era where subnational governments compete not only domestically but globally, international partnerships are no longer ceremonial—they are strategic economic instruments. Abia State’s recent diplomatic engagements under Governor Alex C. Otti reflect a deliberate shift from isolation to integration, aligning local economic transformation with global capital, technology, and governance networks.Across Africa, states that attract foreign partnerships typically demonstrate three features: fiscal discipline, institutional reform, and policy clarity. These are the pillars emphasized by multilateral institutions such as the World Bank and IMF in…

Feb

2026

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By Abia ThinkTank

Sunday Igboho Hails Nnamdi Kanu For Ending Sit-At-Home

Economy, News Flash, Security

Sunday Igboho Hails Nnamdi Kanu For Ending Sit-at-home Yoruba nation activist, Sunday Adeyemo, widely known as Sunday Igboho, has commended the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, for cancelling the long-standing Monday sit-at-home across the South-East states. In a statement issued on Friday through his legal counsel, Pelumi Olanjengbesi, Igboho described the development as both thoughtful and timely, noting that it would significantly reinvigorate socio-economic activities in the region. He added that the decision would help create an enabling environment for small and medium-sized enterprises, as well as entrepreneurs, to thrive. Kanu, who is currently serving…

Feb

2026

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By Abia ThinkTank

Valentine’s Day: CBN Lists Money Bouquets As Offence

CBN/Commercial Banking, Economy, News Flash

Valentine’s Day: CBN Lists Money Bouquets As Offence As Valentine’s Day draws near, the Central Bank of Nigeria’s (CBN) 2023 warning against money bouquets is making the rounds again. The apex bank had classified money bouquets, a popular gift among lovers, as a form of naira abuse. In a flier shared on its official Twitter handle in 2023, the CBN listed money bouquets alongside other prohibited practices, including spraying, selling, squeezing, and defacing naira notes. Citizens were urged to report incidents of naira abuse, with the CBN emphasising: “It is your civic duty to protect the naira. Report naira abuse…

Feb

2026

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By Abia ThinkTank

Nigeria Now Largest Crude Oil Producer In Africa – OPEC

Economy, FGN, News Flash

Nigeria Now Largest Crude Oil Producer In Africa – OPEC Nigeria retained its position as the largest crude oil producer in Africa after an increase in the country’s January output, according to the Organization of the Petroleum Exporting Countries (OPEC) data. In its latest monthly report on Wednesday, the oil cartel said Nigeria’s oil output increased to 1.45 million barrels per day (bpd) in March — from 1.42 million bpd in December According to the international organisation, the latest figure represents a 2.11 percent drop from the previous month’s output. The oil alliance said its figures were derived from direct…

Feb

2026

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By Abia ThinkTank

CBN Approves BDCs’ Return To Forex Market, Allows Purchase Of Up To $150,000 Weekly

CBN/Commercial Banking, Economy, FGN

CBN Approves BDCs’ Return To Forex Market, Allows Purchase Of Up To $150,000 Weekly The Central Bank of Nigeria (CBN) has authorised licensed Bureau De Change (BDC) operators to resume participation in the Nigerian Foreign Exchange Market (NFEM), in a move aimed at improving liquidity and enhancing access to foreign exchange in the retail segment. The approval was contained in a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji. The circular stated that each licensed BDC is permitted to purchase up to $150,000 weekly, subject to compliance with existing operational guidelines. Under the new…

Feb

2026

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By Abia ThinkTank

Port Harcourt Refinery Ready To Resume Operations- PENGASSAN

Business, Economy, News Flash, Oil & Gas

Port Harcourt Refinery Ready To Resume Operations — PENGASSAN The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said the old Port Harcourt Refinery has been rehabilitated to about 90 per cent and could resume operations within one week if the Nigerian National Petroleum Company Limited (NNPC Ltd) approves its restart. The PENGASSAN President, Mr Festus Osifo, disclosed this on Tuesday while speaking on Channels Television’s The Morning Brief. His remarks come amid renewed debate over the future of Nigeria’s state-owned refineries, following comments by NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, who described the reopening…

Feb

2026

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By Abia ThinkTank

2,000 Stranded Trucks Roll Out As Nigeria Reopens Benin, Niger Boarders

Business, Economy, News Flash

2,000 Stranded Trucks Roll Out As Nigeria Reopens Benin, Niger Borders No fewer than 2,000 trucks earlier stranded at Nigeria’s borders with Benin and Niger Republics have begun movement following the reopening of the Kamba and Tsamiya border posts in Kebbi. The News Agency of Nigeria (NAN) reports that the reopening is in line with the directive by President Bola Ahmed Tinubu. The Kebbi Area Controller of the Nigeria Customs Service (NCS), Mahmoud Matawalle-Ibrahim, officially opened the borders to trucks from Benin and Niger on Monday in Kamba, Dandi Local Government Area of the state. He said, “The reopening of…

Feb

2026

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By Abia ThinkTank

Nigeria Among Top Global GDP Contributors; Economy To Outpace US, South Africa In 2026

Economy, FGN, World News

Nigeria Among Top Global GDP Contributors; Economy To Outpace US, S’Africa In 2026 Nigeria has been ranked among the top 10 contributors to global economic growth in 2026, following projections by the International Monetary Fund (IMF) that the country’s economy will grow two times faster than that of the United States (US). Based on IMF data, the ranking was conducted by the World of Statistics, a digital platform providing data visualisation and global statistics on various topics, including economics. Nigeria, ranking sixth, is projected to account for 1.5 percent of the world’s real gross domestic product (GDP) growth in 2026.…